Consumer Prices Accelerated in September

Consumer Prices Accelerated in September

Consumer Prices Accelerated in September

Treasury yields slipped on Friday after muted underlying US inflation data offset higher gasoline prices and strong retail sales while the USA dollar regained ground lost earlier in the day but was still set for its worst week in five.

"The firmness in retail sales should override the enduring mystery of low inflation to spur a December Fed rate hike", said BMO Capital Markets senior economist Sal Guatieri in Toronto.

US consumer prices recorded their biggest increase in eight months in September as gasoline prices soared in the wake of hurricane-related production disruptions at oil refineries in the Gulf Coast area, but underlying inflation remained muted.

The Fed needs to mount a clear defence of its 2 percent inflation target and stop raising rates until the pace of price increases strengthens, St. Louis Fed President James Bullard said on Thursday.

"PPI was a little bit better, but that doesn't really translate well to CPI", said Gennadiy Goldberg, an interest rate strategist at TD Securities in NY.

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U.S. Treasury prices gained after the Treasury Department saw strong demand for a sale of 30-year bonds.

Month-on-month, the HICP remained unchanged in September. Core CPI also disappointed, up 0.1% when 0.2% was forecast by economists.

The Dow Jones Industrial Average rose 54.25 points, or 0.24 percent, to 22,895.26, the S&P 500 gained 6.23 points, or 0.24 percent, to 2,557.16 and the Nasdaq Composite added 23.17 points, or 0.35 percent, to 6,614.68.

On Wall Street worldwide trade talks boosted the materials sector while higher oil prices helped the energy sector and retail data helped consumer stocks, said Tim Ghriskey, chief investment officer of Solaris Asset Management in NY. It had fallen earlier after the European Union's chief negotiator said Brexit talks were at an "impasse", ramping up political risks for the currency which is down about 12 percent since last year's EU vote.

Benchmark 10-year U.S. Treasury notes rose 13/32 in price to yield 2.2766 percent, from 2.323 percent late on Thursday.

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Sterling last traded at $1.3273, up 0.39 percent on the day.

At the same time, utility costs dropped 1.2 percent.

Oil prices rebounded from earlier losses, although they were still down on the session, after the U.S. Energy Department reported a larger-than-expected decline in U.S. inventories and a falloff in weekly production.

Spot gold added 0.1 percent to $1,293.37 an ounce.

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